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SPECIAL PROVISIONS FOR VENTURE CAPITAL COMPANY OR FUND - SECTION 10(23FB)

Income Tax - Tax Liability in special Circumstances / Specific Cases - 21 - SPECIAL PROVISIONS FOR VENTURE CAPITAL COMPANY OR FUND EXEMPTION OF INCOME OF A VENTURE CAPITAL COMPANY OR A VENTURE CAPITAL FUND - SECTION 10(23FB) INTRODUCTION: Venture Capital Company or a Venture Capital Fund provides funds in form of loans to, or subscription in shares of Venture Capital Undertakings. Venture Capital Funds or Venture Capital Companies are provided a tax-pass through benefit on their income that aris .....

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r the investors. Section 10(23FB) provides any income of a venture capital company or venture capital fund from investments in a venture capital undertaking shall be exempt. Provided that nothing contained in this clause shall apply in respect of any income of a venture capital company or venture capital fund, being an investment fund specified in clause (a) of the Explanation 1 to section 115UB, of the previous year relevant to the assessment year beginning on or after 1-4-2016 as the same will .....

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ions of this Act, any income accruing or arising to or received by a person (Investor) out of investments made in a venture capital company (VCC) or venture capital fund (VCF) shall be chargeable to income-tax in the same manner as if it were the income accruing or arising to or received by such person (Investor) had he made investments directly in the venture capital undertaking. The person responsible for crediting or making a payment of the income on behalf of a VCC or VCF and the VCC or VCF .....

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r had accrued or arisen to, the VCC or the VCF, as the case may be, during the previous year. The provisions of chapter XII-D (CDT under section 115-O) or Chapter XII-E (CDT under section 115R) or Chapter XVII-B (TDS Chapter) shall not apply to the income paid by a VCC or VCF under this chapter. The income accruing or arising to or received by the VCC or VCF, during a previous year, from investments made in venture capital undertaking if not paid or credited to the investor, shall be deemed to h .....

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he previous year in which such income is actually paid to him by the venture capital company or the venture capital fund. NOTES:- VENTURE CAPITAL COMPANY :- venture capital company means a company which- Has been granted a certificate of registration, before 21-5-2012, as a Venture Capital Fund and is regulated under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and .....

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cognized stock exchange It has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking; and It has not invested in any venture capital undertakings in which its director or a substantial shareholder (being a beneficial owner of equity shares exceeding ten per cent of its equity share capital) holds, either individually or collectively, equity share capital of such venture capital undertaking; VENTURE CAPITAL .....

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